There's been much discussion about revenue models, but it's important to remember that not all revenue streams are created equal. **Subscription Revenue:** The best revenue type because it's recurring and predictable (SaaS). **Transaction Revenue:** Easiest to achieve annualized growth from zero to $100 million, but also equally prone to decline. I value the stability of transactions more than revenue growth (exchanges). **One-Time Revenue:** Neither recurring nor predictable. Cannot be considered annualized revenue (games/NFT drops, hardware devices). **Service Revenue:** Cannot scale because operating costs grow at the same rate as revenue. Therefore, net profit remains constant (security audits, consulting). In M&A, each type of revenue receives a significantly different valuation multiple.